Africa

Who's Paying Whom in the Suez Canal Blockage?

The owner of the Ever Given container ship that blocked Egypt’s Suez Canal for days has blamed the Suez Canal Authority for its grounding, amid a legal dispute over compensation. The Ever Given incident caused chaos between 23 and 29 March, as it delayed around 400 ships and significantly disrupted global trade. Around 12% of trade flows through the channel and the vessel blocked the ships from passing through it, costing about $400 million or every hour it did not move. The vessel has been held in an artificial lake along the canal until its insurers and Egyptian authorities come to an agreement. The Japanese company is seeking $100,000 in initial compensation for losses linked to the ship’s detainment. Officials in Egypt have demand the ship’s owners pay $600 million compensation for the disruption caused by the blockage.

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